Reinsurance News
Everest Insurance Ireland’s UK branch now fully operational
3rd October 2019
Everest Insurance (Ireland), DAC (EIID) has revealed that its UK branch is now fully operational and has the ability to write a variety of business lines. Established in 2017, EIID enables insurer and reinsurer Everest to continue operating throughout the EU post-Brexit, providing its clients with continuity. In April of this year, ... Read the full article
Fannie Mae completes further $10bn mortgage reinsurance deal
3rd October 2019
The Federal National Mortgage Association (Fannie Mae) has completed a multi-tranche Multifamily Credit Insurance Risk Transfer (MCIRT) transaction covering a pool of $10.7 billion of multifamily loans. MCIRT 2019-02 is the sixth multifamily CIRT transaction as part of Fannie Mae’s ongoing effort to increase the role of private capital in the ... Read the full article
WEF survey ranks cyber, fiscal crises as top concerns for execs
3rd October 2019
A comprehensive survey conducted by The World Economic Forum has identified cyber attacks and fiscal crises as the primary risks to doing business at a global scale. Covering nearly 13,000 executives from 130 countries, the survey results show that three of the top five risks are economic-related with “unemployment or underemployment” ... Read the full article
Convex authorised to write excess and surplus lines in US
3rd October 2019
Convex Group, the international specialty re/insurer set up by Stephan Catlin, is set to begin writing US excess and surplus lines across the United States. This follows the addition of Convex’s UK insurance company to the National Association of Insurance Commissioners’ (NAIC) Quarterly Listing of Alien Insurers, with effect from October ... Read the full article
Tullett Prebon completes first Insurance Linked Note transaction on new platform
3rd October 2019
Tullett Prebon, the electronic and voice interdealer broker and part of the TP ICAP group, has announced the successful settlement of the first Insurance Linked Note (ILN) transaction via its ILN trading and issuance platform. The firm's ILN platform was launched in September of last year, and initially features catastrophe ... Read the full article
Tokio Marine to acquire US insurer Pure Group for $3bn
3rd October 2019
Tokio Marine Holdings, the largest property and casualty insurance group in Japan, has announced plans to acquire US high net worth insurance specialist Pure Group for $3.1 billion. The acquisition is expected to close by March 2020 and will be completed through Tokio Marine’s subsidiary HCC Insurance Holdings. Tokio Marine's pending acquisition ... Read the full article
Verisk to acquire property data provider BuildFax
3rd October 2019
Data analytics provider Verisk has agreed to acquire BuildFax, a firm specialising in property condition and history data, from its shareholders. Following the acquisition, BuildFax will become part of ISO, a Verisk business. BuildFax uses building permit, contractor, and inspection data to provide information about the condition of properties to re/insurers and ... Read the full article
Reinsurance broker Ed adds divisional director to Risk Solutions unit
3rd October 2019
Global reinsurance brokerage Ed has appointed Richard Laird as a divisional director in its Risk Solutions division, based in London. Laird previously served as executive director at Price Forbes Risk Solutions, a specialty broker specializing in reinsurance and insurance MGA/Delegated Authority business. Prior to Price Forbes Risk Solutions, Laird worked at ... Read the full article
Liberty Mutual completes takeover of select AmTrust European businesses
3rd October 2019
Liberty Mutual Insurance has announced that it has completed the acquisition of the business and operations of certain European businesses of AmTrust Financial Services, following the satisfaction of customary closing conditions. Under the transaction, Liberty Mutual Insurance has acquired the operations of Nationale Borg, Nationale Borg Reinsurance, and AmTrust Insurance Spain. Read the full article
Canopius wraps up Lloyd’s merger with AmTrust
3rd October 2019
Global specialty re/insurer Canopius Group has completed its previously-announced merger with AmTrust's Lloyd's operations. The merger between Canopius Lloyd’s Syndicate 4444 and AmTrust Syndicate 1861 was first announced back in April and will result in the establishment of a top-five Lloyd’s insurer with combined premiums of roughly £2.2 billion. It is believed ... Read the full article
AXIS Capital withdraws support for Australia’s Carmichael mine, sources report
3rd October 2019
Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited has dropped its bid to provide coverage for the controversial Carmichael coal mine project in Australia, according to sources at Reuters. The publication said that sources close to the company confirmed that AXIS had withdrawn its quotes for insurance of the mine’s ... Read the full article
Munich Re rolls out digital underwriting solution for Swedbank
3rd October 2019
Munich Re Automation Solutions Ltd, an insurtech specialist and subsidiary of the Munich Re group, has announced that Swedbank Försäkring has gone live with its digital underwriting solution, ALLFINANZ. The successful installation of ALLFINANZ will create a platform for innovation for Swedbank Insurance business, the parties explained. Swedbank AB is a Nordic-Baltic ... Read the full article
P&C claims up 5.6% for EU insurers, reports Insurance Europe
3rd October 2019
European insurers saw property and casualty (P&C) insurance claims increase by 5.6% to €253 billion last year, according to data from Insurance Europe. Of this figure, motor claims accounted for €100 billion, property €65 billion, general liability €26 billion, and accident €21 billion. P&C claims continued to make up roughly one quarter ... Read the full article
Chubb names Joe Vasquez as President of Combined Insurance
2nd October 2019
Global insurer and reinsurer Chubb has announced the appointment of Joe Vasquez as President of Combined Insurance, effective immediately. Vasquez was previously Senior Vice President at Chubb Group and head of the company’s global accident and health insurance business. In his new position, he succeeds Kevin Goulding, who is set to retire ... Read the full article
Executive team acquires Markel’s Brazilian insurance operations
2nd October 2019
Specialist insurer and reinsurer Markel International has announced the sale of Markel Seguradora do Brasil S.A., its Brazilian insurance operations, to its existing executive team. Markel Seguradora is authorised to operate in the direct insurance market in numerous classes across Brazil. The main focus of the entity is on the agricultural ... Read the full article
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